Tianjin Zinc: Futures Consolidate at Highs, Downstream Purchasing Enthusiasm Low [SMM Midday Commentary]

SMM News, July 13: In the Tianjin market, #0 zinc ingots mainly traded at 24,580-24,770 yuan/mt, Zijin traded at 24,710-24,850 yuan/mt, and #1 zinc ingots traded around 24,590-24,720 yuan/mt. Zijin reported a premium of 0-20 yuan/mt against the 2608 contract, Huxin was quoted at 25,880 yuan/mt, #0 zinc ingots were at a discount of 60-130 yuan/mt against the 2608 contract, and the Tianjin market was at a discount of around 50 yuan/mt against the Shanghai market. As of the midday close, premium brand Zijin reported a premium of 0-20 yuan/mt against the 2608 contract, while Chihong reported a discount of 70 yuan/mt against the 2608 contract. The purchasing sentiment for refined zinc in Tianjin was 1.76 today, and the selling sentiment was 2.55. The futures consolidated at highs today. Downstream purchasing enthusiasm was low, with inventory consumption as the main activity. Traders maintained stable premiums for shipments, and trading was primarily among traders. Overall market transactions were weak today.